NEW YORK -- Despite the coronavirus pandemic and a slowed-down economy, less than half of American adults are worried about money, according to a new Bankrate study. And more surprising than that, this number is down from the 56 percent who said they were worried about money in 2019.
For the 47 percent who are worried about money issues currently, 23 percent said their cause of stress revolved around everyday expenses, which Bankrate noted was down from the 32 percent who said the same last year.
“In the context of the worst unemployment crisis since the Great Depression, it’s shocking the figures aren’t far worse,” said Bankrate’s industry analyst Ted Rossman regarding the findings. “Government stimulus programs are helping, and many who are currently out of work seem confident they will soon return. It also helps that the economy was in good shape prior to the COVID-19 pandemic.”
Outside of everyday expenses, the next most worrisome money trouble for Americans revolve around saving enough for retirement – a concern that 19 percent admitted keeps them awake at night. However, this percentage is five percent less than what was recorded in 2019.
Health care or insurance bills were the third most worrisome at 17 percent, which is down from the 22 percent who reported last year. Paying a mortgage or monthly rent bill was the fourth most common money concern Americans have for 2020 at 14 percent – down from 18 percent last year.
Credit card debt was another significant concern at 13 percent, though it’s also down from 18 percent in 2019. Next on the list of money issues was the ability to pay for education expenses at eight percent, which is down from 11 percent last year.
The stock market was the least worrisome money concern out of the group at six percent having admitted that they have lost sleep over stock market volatility, which is up one percent from last year.
When compared to relationships, health and work, 31 percent of the study’s respondents said they lost sleep over money. Nineteen percent said relationships cost them sleep while 13 percent said health cost them sleep and 11 percent said work cost them sleep. On average, the study said Americans lose sleep to one of the three issues.
Though, women reported losing more sleep to one of these issues than men at 79 percent versus 70 percent, respectively.
Of those who are concerned about their finances at this time, 59 percent said they are optimistic that they’ll be able to resolve their top money concern at some point. However, this percentage is down from 63 percent who said the same in 2019.
Bankrate did note that this dip in optimism could be a result of the coronavirus pandemic. Fifty-two percent told the personal finance resource that the pandemic has impacted their resolve negatively while 39 percent said the pandemic didn’t change their resolve either way and 10 percent said the pandemic impacted their resolve positively.
“I’m really surprised Americans are more upbeat this year than they were last year,” Rossman added in reference to the study. “Right now, we’re experiencing some of the greatest societal, health and monetary challenges of our lifetimes. Yet in the face of all that, our survey found consistent improvement from last year.”
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